House approves major housing affordability bill, sending measure to Trump

Washington — The House on Tuesday passed a landmark housing affordability bill, marking a rare bipartisan legislative accomplishment as lawmakers seek to address rising costs ahead of the midterm elections. House GOP leaders fast-tracked the legislation after the Senate approved it with overwhelming bipartisan support Monday. It passed the House in a 358 to 32 vote and now heads to President Trump to sign into law. The legislation , known as the 21st Century ROAD to Housing Act, is the product of months of negotiations and aims to increase housing supply and lower prices. It places limits on corporate investors buying single-family homes, streamlines environmental reviews and removes regulatory barriers to speed up the construction process. After months of back-and-forth, the four lawmakers spearheading the legislation announced an agreement to move forward. The push was led by GOP Sen. Tim Scott of South Carolina, the chairman of the Senate Banking Committee; Sen. Elizabeth Warren of Massachusetts, the top Democrat on the Senate Banking Committee; GOP Rep. French Hill of Arkansas, the chairman of the House Financial Services Committee; and Rep. Maxine Waters of California, the top Democrat on the House Financial Services Committee. …